First Milk Delivers a Solid Performance
First Milk increased turnover by 4% to £282.8 million and operating profit by 4% to £7.5 million for the year ending 31 March 2020 as the UK dairy co-operative continued to strengthen its milk price, whilst delivering growth in net assets – up 25% to £39.8 million – as well as a reduction in net debt – down 20% to £33.1 million.
Shelagh Hancock, chief executive of First Milk, comments: “The year ending 31 March 2020 saw us deliver business growth and development, further strengthening our financial position, whilst continuing to return value to our farmer members, who own the business. We have also launched our First4Milk Pledge – a broad commitment to sustainable dairy and a celebration of the leading standards on our members’ farms.
“Despite the uncertainties around the ongoing COVID-19 pandemic and with Brexit looming, First Milk is well-placed for the future, as a business that has strong collaborative partnerships and the scale to be relevant in the marketplace, whilst remaining agile and adaptable. Our vision for the future remains resolute – we are working together to deliver dairy prosperity.”
